Though the iPhone camera is good (and continues to get better), it still can't provide the flexibility that a camera with interchangeable lenses can. Apple, apparently is aware of this, as they've filed a patent for an iPhone with swappable glass.

When the first iPhone came out, the camera was an afterthought, only tossed in to feature match its …
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The lens would be part of a removable back panel, and according to Engadget, it's possible that there could be multiple lenses available on a single panel (though that seems like it would be somewhat ugly and very non-Apple-like). Either way, is the era of the interchangable cameraphone lenses upon us? [USPTO via Engadget]